US Bill Would Create Lost and Found for Retirement Savings
An estimated 30% of all US employees have left a retirement account at a previous employer, lawmakers say.
Regulation
Mississippi Pension Sues Mylan over Alleged Scheme to Deceive FDA
President Rajiv Malik is accused of ordering workers to manipulate quality control data.
Jack Abramoff Charged in Cryptocurrency Fraud
Lobbyist could face 10 years in prison for alleged role in touting digital asset that was purportedly superior to Bitcoin.
Is Setting ESG Standards Too Puzzling? Get Wide Feedback, SASB Says
If the rules seem subjective or unworkable, a good alternative for companies is to ask outside groups for their input, the sustainability advisory group suggests.
SEC Halts Brothers’ Alleged Cryptocurrency Offering Fraud
Sean and Shane Hvizdzak are accused of pocketing $26 million of investors’ funds.
DOL Proposal Will Chill ESG Corporate Pension Investing, Advocates Say
The proposed federal rule takes a dim view of sustainable investing that’s not focused solely on returns.
Permission to Tap 401(k)s Worries SEC Chief
New penalty-free retirement plan withdrawals, meant as recession relief, may result in too-risky investing, Jay Clayton says.
SEC Swats Away COVID-19 Scammers
Pandemic keeps regulator busy protecting investors from flood of fraudulent claims.
UK Regulator Targets Defined Benefit Transfer Weaknesses
FCA bans contingent charging, finds British Steel pensioners received worse advice than most.
Convicted Officials Shouldn’t Get Public Pensions, Say North Carolina Lawmakers
Bill before legislature is sparked by anger over a county employee who won government retirement benefits after embezzling nearly $1 million.
Ohio Court Rules Segal Blend Violates ERISA
Case has ‘significant ramifications’ for employers contesting their withdrawal liability from multiemployer plans.
US Indicts 33 in $2.5 Billion Scheme to Aid North Korean Nukes
North Korean, Chinese nationals charged with funneling money through US banks.
Ares Management to Pay $1 Million to Settle SEC Charges
SEC says private equity firm failed to enforce potential misuse of material nonpublic information.
Rhode Island Attorney Jailed for Collecting Pension Benefits of Deceased Client
Attorney pleads guilty to taking $234K over 12 years.
Supreme Court Rules Pensioners in Fully Funded Plans Can’t Serve ERISA Suits
Plaintiffs charging mismanagement of funds would have received the same fixed payment regardless of investment outcomes, the ruling said.